Jobless claims are up

Today, the US labor department provided dismal unemployment numbers. The number of newly laid off workers filing claims for unemployment benefits skyrocketed and posted the largest increase since early February.

Benefit applications reached 337,000 last week, an increase of 28,000 from the previous week - the biggest one-week surge since jobless claims jumped 42,000 the week of Feb. 10.

These numbers should come as no surprise. The combined effects of a crashing housing market and the credit crunch are starting to impact the labor market.